Tender launched for GLS sites at Clementi Ave 1 and Pine Grove

Residents get to enjoy a variety of amenities including a swimming pool, BBQ pits, and a distinctive clubhouse with facilities such as multi-purpose courts, gymnasium, and outdoor playgrounds. Woodlands Champions Way Condo also features distinctively designed homes with quality workmanship and top-grade materials. Homeowners will be able to experience an elevated lifestyle that balances function and form while reveling in the picturesque scenery of the area. With its strategic location and thoughtful amenities, Woodlands Champions Way Condo is the ideal place for families and professionals alike to call home.

in ClementiThe URA has launched the tender for two Government Land Sales (GLS) sites. The Clementi Avenue 1 site is 144,734 sq ft (1.34ha) and the 269,422 sq ft (2.5ha) site at Pine Grove. Lee Sze Teck, senior director, data analytics, at Huttons Asia, commented on the economic uncertainties and high development costs which has made developers more cautious when considering GLS tenders this year. He also expressed that a potential overlap in residential catchment areas might potentially impact the take-up rate.

The Clementi Avenue 1 site is located in between two recently completed projects — The Clement Canopy and Clavon, both projects by UOL Group. Developer UOL Group was awarded The Clementi Canopy site in December 2015 at a land rate of $615 psf per plot ratio (ppr), and the Clavon site in July 2019 at $788 psf ppr.

Justin Ong, deputy CEO of OrangeTee & Tie, believes that when the Clementi Ave 1 site is developed, the resulting project will be well-recieved among homeowners, especially those with school-going children. Developers have taken into account nearby schools such as Nan Hua High School, Clementi Primary School, Pei Tong Primary School, Clementi Town Secondary School, NUS High School of Mathematics and Science, Singapore Polytechnic, and the National University of Singapore (NUS).

Ong relayed his expectation of strong pent-up demand for new private homes since recent projects in the vicinity are either fully sold or left with a handful of unsold units. It is likely that the site can yield around 500 units and is likely to be palatable for developers.

The Pine Grove (Parcel B) site is located beside the 520-unit Pinetree Hill by UOL Group. UOL Group launched Pinetree Hill in July this year and has since sold a total of 151 units at an average of $2,369 psf. In view of competing supply from Pinetree Hill, Wong Siew Ying, head of research and content at PropNex Realty, estimates that up to three bids can be expected for this site, with a top bid coming in at around $623 million to $679 million. This translates to a land rate of $1,110 psf ppr to $1,200 psf ppr.

The tender for both sites will close on Nov 7. This tender will be batched with an upcoming residential site at Lorong 1 Toa Payoh, under the 2H2023 Confirmed List, that will be released next month.

Developers with a more pressing need to replenish their landbanks may be the ones to tender for these GLS sites despite the economic uncertainties and a possibly impacted take-up rate. With the quantity of units, land cost and desirability of the location, it is expected that healthy demand from developers will result in both sites being sold.

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